ITR Forms & Rule for filing Updated Return of Income with additional tax Rule 12AC, ITRU notified
The Union Budget 2022-23 had proposed a new provision in section 139 for filing an updated return of income with additional tax by any person, whether he has filed a return previously for the relevant assessment year, or not.
Now the CBDT has notified the relevant rules and ITR Form for updated return of income as under:
(i) Rule 12AC. Updated return of income
(ii) ITR U. For persons to update income within twenty-four months from the end of the relevant assessment year
As per Rule, return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years shall be in Form ITR-U.
Manner of furnishing return of income is as under:
| Individual, or Hindu undivided family or a firm or limited liability partnership or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person in whose case accounts are required to be audited under section 44AB of the Act or a Company or a political party required to furnish a return in Form ITR-7 | Electronically under digital signature. |
| Individual, or Hindu undivided family, or firm, or limited liability partnership, or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person, or a person required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, other than a person in preceding para above |
(A)Electronically under digital signature; (B) Transmitting the data electronically in the return under electronic verification code |
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